West Brom name their price as Celtic make approach for manager Tony Mowbray

But Albion chairman Jeremy Peace insists the interest is not welcome and that the Scottish club will have to meet a compensation fee - believed to be £2million - written into Mowbray's contract if they want to instal him in the Parkhead hot seat.

Celtic have turned to former Hibernian boss Mowbray, who played for the Bhoys in the Nineties, as the ideal replacement for Gordon Strachan, who stepped down at the end of the season.

In the picture: West Brom boss Tony Mowbray is wanted by Celtic

Peace told the club's website: 'I have finally received a call from
the Celtic chief executive, Peter Lawwell, requesting permission to
speak to Tony.

'I made it absolutely clear that Celtic's approach was not welcome
because we have an ongoing project at Albion in which Tony is an
integral part.

Old Bhoy: Gordon Strachan

Swansea revealed last week Celtic had made an approach for manager Roberto Martinez but the Spaniard is poised to complete a move to Wigan this week.

A return to the Scottish Premier League is likely to be attractive
to Mowbray following Albion's relegation back to the Coca-Cola
Championship last month.

Peace said: 'We inserted a compensation figure when Tony signed a new contract 16
months ago to ensure that the club would be suitably recompensed in the
event of any other club seeking his services.

'It was inserted in the
contract in good faith and is non-negotiable because we don't want to
lose our manager.

'Celtic have been made aware of the compensation figure and if they
agree to pay this, only then will I speak to Tony to get his thoughts
on the situation.

'Until and unless that happens, as far as we are concerned, it is
business as usual as we plan for a very important season ahead of us.'

Peace added that he hoped this would be the end of the matter, but that is very unlikely.